Paying Yourself, Your Staff, and Your Bills
[Pages:26]Paying Yourself, Your Staff, and Your Bills
Helping Child Care Programs Understand and Navigate SBA Loan Options
National Association for the Education of Young Children
Presenters
Lauren Hogan, Managing Director, Policy and Professional Advancement, NAEYC Chris Chan, Founder & CEO at 3C Strategies
Overview of the small business support programs Carl Hairston, Executive Vice President & Chief Lending Officer, Commercial Banking Group
From the perspective of a banker Mary Graham, Executive Director, Children's Village
From the perspective of a child care program Nancy Griswold, General Counsel, NAEYC
Intersections between unemployment insurance and PPP
National Association for the Education of Young Children
Logistics & Resources
? All attendees are in listen only mode ? Questions can be entered into the chat box ? You can also email questions to advocacy@ ? All registrants will receive an email on Saturday, April 11 with links to the English
and Spanish recordings and to resources on both the Paycheck Protection Program and the Economic Injury Disaster Loans
? This presentation is for informational purposes only and should not be
considered legal advice. Before making decisions for your business, it is always best to have a conversation with an attorney about your specific circumstances.
National Association for the Education of Young Children
Context
Child care is in crisis ? In a survey from March 12-25, NAEYC found that nearly 50% of programs said they would not
survive a closure of more than two weeks without significant public investment and support.
In addition to what we are exploring today, these are the first steps of that support:
? $3.5 billion for the Child Care and Development Block Grant to ensure continued payment and assistance to child care providers who are eligible for CCDBG, and to support child care for essential workers
? $750 million in grants to Head Start ? Direct payments to qualifying taxpayers of up to $1,200 ? Suspension of payments on federally-held student loans to support the many early childhood
educators earning their degrees and credentials
National Association for the Education of Young Children
More support is needed.
To help us be clear with federal and state policymakers about what support is needed, for whom, and when, please complete our current survey at:
Join the community of early childhood educators, advocates, and allies at:
National Association for the Education of Young Children
Overview of Small Business Support Programs
Chris Chan, Founder & CEO 3C Strategies
Coronavirus Small Business Support Programs
Do I Qualify?
Which Program is
Right for Me?
How Do I Apply?
National Association for the Education of Young Children
The SBA has two loan programs to help small businesses during these difficult times
Economic Injury Disaster Loans (EIDL)
Paycheck Protection Program (PPP)
- Loans directly from the SBA - Loans up to $2 million - Loans available through crisis - Loan can be as long as 30 years - Loan payments can be deferred as much as a year - Interest at 3.75% (business) or 2.75% (non-profit) - Full loan repayment required - Business assets collateral required on
loans over $25,000. Loans above $200,000 require personal guarantee - Providing up to $10,000 advances on the loan
- Loans from authorized banks & lenders (Not the SBA) - Loans of 2.5x monthly payroll up to $10 million - Loans available until 6/30/20 - Loan can be as long as 2 years - Loan payments deferred 6 months - Interest on repaid portions at a fixed rate of 1% - Partial loan forgiveness with conditions - No collateral required
National Association for the Education of Young Children
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